OMG thanks to you! That thing was driving me crazy.
Like everyone else, I was worried and didn't have a clue.
I've been going insane trying to figure this out. Thanks!
Thank you so much! Properly explained. Many thanks again.
Thank you so much whoever you are. Super duper thank you!
Other:

This is NOT abusive. I pressed this button by accident.It is spam / self promotion.It is offensive or harmful.It does not contain enough information.It contains or requests illegal information.It does not make sense.

"Back to #2 should have a resrze image pulldown menu which allows you to..."

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Don`t know about the mac world or any lotteries, but the PhotoShop Elements editions going back to #2 should have a resrze image pulldown menu which allows you to scale the image. If you can find a trial edition of Compupic, it should do the same thing, too...once again, don`t know if it`s available for macs.

"Perfect and still retaining their 600x600 pixel ratio..."

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When saving in Photoshop, it gives you a slider to determine the quality. It does not show you the exact size that it will be saved as but you can use a bit of trial and error. My file size was 1.4mb at full quality so I took it down to 5 (medium) and got 180kb. Perfect and still retaining their 600x600 pixel ratio.

"You can maintain the image size..."

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You can use a few programs to do this. You can maintain the image size, yet reduce the quality just enough to meet your 240kb or less target. Reducing it by that much is just a few percentage points and you will unlikely notice the difference. If you have photoshop, this is a great program to do it. For a free option, try using GIMP.

"The smaller your picture would be in size the lesser its kb will become..."

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You can resize your picture, the smaller your picture would be in size the lesser its kb will become, another way is to try different formats like jpeg, gif, png, etc. I Hope this turn helpful for you. :)